Searching for Parking Costs Drivers Billions a Year

In the first ever study to estimate the economic impact of parking pain, INRIX leveraged the INRIX Parking database of more than 35 million spaces in 8,700 cities across 100 countries and combined this with a large-scale study of 17,986 drivers’ parking behavior and experiences across 30 cities in the U.S., U.K. and Germany.

Insights from the INRIX Impact of Parking Pain study include:

Searching for parking imposes a significant economic burden with drivers in the U.S., U.K. and Germany wasting 17, 44 and 41 hours a year respectively at an estimated cost of $72.7 billion, £23.3 billion and €40.4 billion a year in these countries.

The largest cities and major financial centers suffer the most with drivers in New York (107 hours), London (67 hours) and Frankfurt (65 hours) spending the most time searching for parking each year.

Paying for more parking time than required (“overpaying”) is a universal parking pain with drivers in the U.S., U.K. and Germany (costing $20.4 billion, £6.7 billion and €4.4 billion a year respectively).

Dr Graham Cookson discusses the findings in the report further, which you can read in his blog.

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About INRIX Research

INRIX Research uses proprietary big data and expertise to make the movement of people and goods more efficient, safe and convenient.

We achieve this by leveraging 500 Terabytes of INRIX data from 300 million different sources covering over 5 million miles of road, and combining it with our other data sources including global parking, fuel, point of interest, public transport, and road weather information. Together, our data provides a rich and fertile picture of urban mobility that enables us to produce valuable and actionable insights for policy makers, transport professionals, automakers and drivers.

The INRIX Research team has researchers in Europe and North America and is comprised of economists, transportation policy specialists and data scientists, with a mix of research backgrounds from academia, think tanks and commercial research and development groups.

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